Published on 2/14/2023 in the Prospect News Structured Products Daily.
New Issue: BMO prices $250,000 autocallable buffer notes with contingent coupon on S&P, Russell
Chicago, Feb. 14 – Bank of Montreal priced $250,000 of autocallable buffer notes with contingent coupons due May 5, 2025 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest is payable monthly at an annualized rate of 5.6% if each index closes above its coupon barrier level, 85% of its initial level, on the related observation date.
The notes will be automatically called at par if the least performing index closes at or above its initial index level on any monthly observation date after six months.
If the notes are not called and the least performing index return is above 85% of its initial level, the payout at maturity will be par. Investors will lose 1% for each 1% loss beyond the 15% buffer of the least performing index.
BMO Capital Markets Corp. is the underwriter.
Issuer: | Bank of Montreal
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Issue: | Autocallable buffer notes with contingent coupons
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Underlying indexes: | S&P 500 index, Russell 2000 index
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Amount: | $250,000
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Maturity: | May 5, 2025
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Coupon: | 5.6% annual rate, payable monthly if each index closes above its coupon barrier level on observation date
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Price: | Par
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Payout at maturity: | If the notes are not called and each index finishes above 85% of its initial level, par; otherwise, 1% loss for each 1% that least performing index declines beyond 15% buffer
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Call: | Automatically at par if all indexes close at or above their initial level on any monthly observation date after six months
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Initial levels: | 1,864.103 for Russell, 4,131.93 for S&P
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Coupon barrier/buffer levels: | 1,584.488 for Russell, 3,512.14 for S&P; 85% of initial levels
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Pricing date: | April 29, 2022
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Settlement date: | May 4, 2022
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Agent: | BMO Capital Markets Corp.
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Fees: | 3.6%
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Cusip: | 06368GRE9
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